Nano Dimension Ltd. (
Nasdaq: NNDM, “Nano
Dimension” or the “Company”), a leading supplier of
Additively
Manufactured
Electronics (“AME”) and multi-dimensional polymer,
metal & ceramic
Additive
Manufacturing (“AM”) 3D printers, highlighted
today the strength of its leadership team’s vision and experience,
which includes eight former CEOs and founders, as well as leaders
who have held a combined approximately 30 positions as CEOs,
Presidents, General Managers and/or Chairmen over the last 30
years.
The management team represents a deep
bench of top-caliber leadership with a
long track record of driving value creation
through over 80
M&A transactions, further
highlighting why Nano Dimension is the right partner for
Stratasys Ltd. (Nasdaq: SSYS)
(“Stratasys”).
Nano Dimension has the right offer, the right
plan, and the right leadership to deliver value to
Stratasys shareholders;
- Nano’s $18 per share all-cash
special tender offer delivers to
Stratasys shareholders near-term,
GUARANTEED cash value at
a compelling premium. The successful completion of the
special tender offer would increase Nano Dimension’s beneficial
ownership of Stratasys to between 53% and 55% of the outstanding
ordinary shares of Stratasys, inclusive of the approximately 14.1%
of Stratasys’ outstanding ordinary shares that Nano Dimension
currently owns.
- Nano’s increased ownership,
combined with its plans to replace the majority of Stratasys’
entrenched Board of Directors, provides a clear
path to fix Stratasys, by driving
improved profitability and preventing the
ill-conceived and dilutive
transaction with Desktop Metal Inc. (NYSE:DM)
(“DM”) that presents significant uncertainty
and tremendous risk
of depletion of all cash, as both
Stratasys and DM continue to lose cash on a
quarterly basis.
Nano is confident that its
seasoned management team and strong growth
strategy will deliver long-term value to Stratasys
shareholders.
Nano’s leadership team includes eight former
CEOs and founders, as well as leaders who have held
approximately 30 positions as CEO, President, General Manager
and/or Chairman over the last 30 years.
These leaders have extensive management expertise and a proven
track record of successfully growing technology companies and
driving value creation. Of particular note:
- Nano’s Chairman
and CEO, Yoav Stern, has built
and led over 6
companies, most of them
U.S.
public companies, some of which he has grown from
single-digit million-dollar
revenue companies, to
companies generating hundreds of
millions of dollars in annual
revenue through both organic and inorganic growth strategies. In
addition, Mr. Stern has also generated exits for investors at a ROI
ranging from 2-3 times the initial investment over 1-2 years.
- Nano’s
President, Zivi Nedivi, has served as the CEO of
5 companies and
founder of 2
others, including U.S. and foreign companies,
public and private. As CEO of an aviation supply chain company, Mr.
Nedivi oversaw revenue growth from $8 million to $300 million in a
five-year period, including nine acquisitions. As COO of a medical
laser company, Mr. Nedivi managed thousands of employees across
five continents.
- Nano’s Chief
Product Officer & Head of M&A, Hanan Gino, has served as
CEO of a
multimillion-dollar cybersecurity
company and as the head of the commercial divisions of an
$800 million electronics
optical inspection business. Mr. Gino also brings
prodigious experience in robotics, artificial intelligence, and
automation.
- Nano’s President
of Americas, Dale Baker, has led 5
companies, 3 of them public, and
oversaw the growth of hundreds of millions
of dollars in revenue, in addition to
spending many years as a senior executive at General Electric.
The Nano team’s wealth of leadership experience
has allowed the Company to maintain innovative and
nimble operations, and is poised to drive growth
and operational
excellence, specifically focusing
on Stratasys, as it is expected to become the main business asset
of Nano Dimension.
Nano’s
management has successfully
integrated 6
companies in 18 months and
harnessed M&A synergies to drive value and growth in revenue,
gross margins, and profits, in addition to organic growth
initiatives:
- Through seamless
integration, Nano’s team of best-in-class
executives and managers has consistently unlocked
the potential of acquired companies by leveraging its strategic
footprint and platform.
- Overall,
companies acquired by Nano have outgrown and outpaced
peers in the Additive Manufacturing Industry.
Nano’s ambitious
and focused M&A
strategy, combined with strong
organic growth, are
expected to continue to drive future value
creation:
- Nano’s
management was decisive and forward-thinking,
taking advantage of the low cost of capital and strong market
appetite to raise $1.5 billion
in equity financing and subsequently maintain
acquisition discipline, while preserving approximately $1.1 billion
of cash, bank deposits, and investment in securities as long as
prices of acquisitions in the market were grossly overvalued during
2021-2022.
- Nano has the
cash firepower to continue to build its business – unlike any of
its peers – and is executing on a multi-pronged and
synergistic growth strategy buoyed by its strong
fundamentals.
- Nano continues
to see significant opportunities
ahead and is ideally positioned to act as a consolidator in
the highly fragmented market landscape with numerous
attractive potential targets.
-
Nano’s revenue
is expected to continue to
increase, having more than
tripled from 2020 to 2021, and grown more
than 12x in 2022 compared to 2020 – proof of the
success of Nano’s “buy and build” platform scaling
strategy.
-
Nano grew
revenue organically
37% quarter-over-quarter Q1 2023
compared to Q1 2022.
-
Nano’s differentiated
technology offerings are supported by next-generation
digital manufacturing and AM technologies. The Company’s
fast adoption of groundbreaking Deep
Learning and AI technologies led by Nano’s DeepCube
division are gradually installed in Nano’s 3D Printing Machines, in
addition to seeing strong demand
from industrial customers keen to install it in their own machines.
Hence, Nano is investing resources to support this business and
position it to succeed as a new, standalone
division independently generating
revenue.
LEARN MORE ABOUT NANO
DIMENSION, ITS STRATEGY AND VISION,
INCLUDING ITS
SPECIAL TENDER OFFER FOR
STRATASYS
AT WWW.STRATASYSVALUENOW.COM
FOR INFORMATION ON HOW TO
TENDER STRATASYS SHARES,
CALL GEORGESON, THE INFORMATION AGENT FOR THE SPECIAL
TENDER OFFER, TOLL-FREE AT(877)
668-1646
Important Information About the Special
Tender OfferThis press release is for informational
purposes only and is neither an offer to purchase nor a
solicitation of an offer to sell any ordinary shares of Stratasys
or any other securities, nor is it a substitute for the tender
offer materials described herein. A tender offer statement on
Schedule TO, including an offer to purchase, a related letter of
transmittal and other tender offer documents, was filed with the
SEC by Nano Dimension on May 25, 2023, as subsequently amended.
Stratasys filed with the SEC a solicitation/recommendation
statement on Schedule 14D-9, as required by the tender offer rules,
on May 30, 2023, as subsequently amended.
INVESTORS AND SECURITY HOLDERS ARE URGED TO
CAREFULLY READ BOTH THE TENDER OFFER MATERIALS (INCLUDING THE OFFER
TO PURCHASE, RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER
OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON
SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED
FROM TIME TO TIME, BECAUSE THEY CONTAIN AND WILL CONTAIN IMPORTANT
INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER
BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR
SECURITIES.
Investors and security holders may obtain a free
copy of the offer to purchase, the related letter of transmittal,
certain other tender offer documents and the
solicitation/recommendation Statement and other documents filed
with the SEC at the website maintained by the SEC
at www.sec.gov or by directing such requests to Georgeson
LLC, the information agent for the tender offer, named in the
tender offer statement. In addition, Stratasys files annual
reports, interim financial statements and other information, and
Nano Dimension files annual reports, interim financial statements
and other information with the SEC, which are available to the
public at the SEC’s website at www.sec.gov. Copies of the
documents filed with the SEC by Stratasys may be obtained at no
charge on the investor relations page of Stratasys’ website
at www.stratasys.com. Copies of the documents filed with the
SEC by Nano Dimension may be obtained at no charge on the investor
relations page of Nano Dimension’s website
at www.nano-di.com.
About Nano DimensionNano
Dimension’s (Nasdaq: NNDM) vision is to transform existing
electronics and mechanical manufacturing into Industry 4.0
environmentally friendly & economically efficient precision
additive electronics and manufacturing – by delivering solutions
that convert digital designs to electronic or mechanical devices -
on demand, anytime, anywhere.
Nano Dimension’s strategy is driven by the
application of deep learning-based AI to drive improvements in
manufacturing capabilities by using self-learning &
self-improving systems, along with the management of a distributed
manufacturing network via the cloud.
Nano Dimension serves over 2,000 customers
across vertical target markets such as aerospace & defense,
advanced automotive, high-tech industrial, specialty medical
technology, R&D and academia. The company designs and
makes Additive Electronics and Additive Manufacturing 3D
printing machines and consumable materials. Additive Electronics
are manufacturing machines that enable the design and development
of High-Performance-Electronic-Devices (Hi-PED®s). Additive
Manufacturing includes manufacturing solutions for production of
metal, ceramic, and specialty polymers-based applications - from
millimeters to several centimeters in size with micron
precision.
Through the integration of its portfolio of
products, Nano Dimension is offering the advantages of rapid
prototyping, high-mix-low-volume production, IP security, minimal
environmental footprint, and design-for-manufacturing capabilities,
which is all unleashed with the limitless possibilities of additive
manufacturing.For more information, please
visit www.nano-di.com.
Forward Looking StatementsThis
press release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 and other Federal securities laws.
Words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” and similar expressions or
variations of such words are intended to identify forward-looking
statements. For example, Nano Dimension is using forward-looking
statements in this press release when it discusses the objectives
and outlook for Nano Dimension’s business, the experience and track
record of Nano Dimension’s leadership team, the success and
profitability of Nano Dimension’s products and business, Nano
Dimension’s potential M&A strategies, the potential benefits
and advantages of the special tender offer, the expiration time and
date for the special tender offer, the potential for growth and
value creation opportunities as a result of the special tender
offer and the integration of Stratasys and the Company, and the
comparative benefits of the Company’s tender offer weighed against
the anticipated outcomes of the alternative transaction between
Stratasys and Desktop Metal. Because such statements deal with
future events and are based on Nano Dimension’s current
expectations, they are subject to various risks and uncertainties.
The completion of the special tender offer would be subject to
certain conditions as described in the tender offer materials,
including the offer to purchase, a related letter of transmittal
and other tender offer documents. Actual results, performance, or
achievements of Nano Dimension could differ materially from those
described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press
release are subject to other risks and uncertainties, including
those discussed under the heading “Risk Factors” in Nano
Dimension’s annual report on Form 20-F filed with the SEC on March
30, 2023, and in any subsequent filings with the SEC. Except as
otherwise required by law, Nano Dimension undertakes no obligation
to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events. References
and links to websites have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release. Nano Dimension is not
responsible for the contents of third-party websites.
NANO DIMENSION INVESTOR RELATIONS
CONTACTInvestor Relations
| ir@nano-di.com
NANO DIMENSION MEDIA CONTACTSKal Goldberg /
Bryan Locke / Kelsey Markovich
| NanoDimension@fgsglobal.com
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